Planning Your Kitchen Remodeling Budget

How To Determine Your Kitchen Remodeling Budget

If you own your home, it’s likely that you’ve considered a kitchen remodel for some time. Many homeowners will start with scrapbooking their ideas before they’ll finally have the money saved to perform the actual remodel. It can be tough to go from dreaming about the perfect kitchen to the reality of figuring out your actual budget. A kitchen can make or break a home’s future sale too.

1. Actual Kitchen Remodel Costs

It really helps to understand what a kitchen remodel can cost on average. While you may be thinking that a budget of approximately $20,000 will be enough for a major remodel. There are many factors that can impact your budget. Items like moving walls, plumbing, and electrical, or the age of your home. It might help to know that the average cost of a major kitchen remodel is actually closer to $40,000. For $20,000, you might not get all the upgrades you’d expect.

2. List of Priorities

Once you realize that you can’t have everything you dreamed of in your kitchen, it’s time to list your priorities. If you absolutely need stainless steel appliances, make sure that’s on the list. You might have to make sacrifices on other items to keep the priorities. For example, instead of having high-end counters, you might have to settle on a cheaper option to afford your appliances.

3. Clear Expectations

House with for sale sign out frontWhen setting your budget, it helps to understand the motivation. If you plan on selling in a few years, you should be making upgrades that will allow your home to be competitive with others in the area. You might visit some open houses while you’re in the planning stages to see what others are doing when their house goes on the market.

4. Know Prices

If you have no idea how much granite costs per square foot, you will not understand how it impacts the kitchen remodeling budget. The same can be said for appliances, flooring, cabinets and hardware. It helps to take your priority list and add prices as you do research. Not only will you have to pay for the appliances, flooring and other expenses, you’ll need to factor in the labor costs unless you plan on doing some of it yourself.

5. Unexpected Costs

While you’re figuring out your kitchen remodeling budget, it’s vital that you add a cushion to the end result. You don’t want to end up going over budget and having to come up with extra money while you’re in the middle of your renovation.

Along with all these ways to figure out your kitchen remodeling budget, you can also ask a contractor to help you with the final budget. Often, a contractor can help you put a budget together much more quickly than you could on your own. Their quote will include their labor and other costs that you may not be aware of as well.